Common use of Flexible remuneration packaging Clause in Contracts

Flexible remuneration packaging. 20.1 Employees may have access to Flexible Remuneration Packaging. This allows employees to receive non-salary benefits in lieu of salary. IBA guidelines on Flexible Remuneration Packaging will provide the basis for the administration and operation of the scheme. Employees must provide IBA with a written election to enter into Flexible Remuneration Packaging. 20.2 The key features of the scheme are: (a) the scheme operates at no cost to IBA; (b) participation is entirely voluntary; (c) employees are encouraged to obtain financial advice to be able to participate in the scheme; and (d) salary for superannuation, severance and termination purposes where an employee has elected to convert part of their salary to non-salary benefits shall be determined as if those arrangements did not exist; and (e) salary sacrifice superannuation contributions will not reduce IBA’s contributions under Clause 21.

Flexible remuneration packaging. ‌ 20.1 Employees may have access to Flexible Remuneration Packaging. This allows employees to receive non-salary benefits in lieu of salary. IBA guidelines on Flexible Remuneration Packaging will provide the basis for the administration and operation of the scheme. Employees must provide IBA with a written election to enter into Flexible Remuneration Packaging. 20.2 The key features of the scheme are: (a) the scheme operates at no cost to IBA; (b) participation is entirely voluntary; (c) employees are encouraged to obtain financial advice to be able to participate in the scheme; and (d) salary for superannuation, severance and termination purposes where an employee has elected to convert part of their salary to non-salary benefits shall be determined as if those arrangements did not exist; and (e) salary sacrifice superannuation contributions will not reduce IBA’s contributions under Clause 21.